- AUD/JPY is attempting break of major trendline support at 85.50, intraday bias lower.
- Momentum studies bearish, RSI points south and on verge of slipping below 50 level.
- Next support seen at 84.85 (50-DMA), violation there likely to see drag till 83.75.
- Support levels - 85.0 (Jan 17 low), 84.84 (50-DMA), 83.74 (Dec 29 low)
- Resistance levels - 86.09 (5-DMA), 86.28 (Jan 13 high), 87 (trendline)
Recommendation: Good to go short on close below 85.50, SL: 86.10, TP: 84.84/ 84/ 83.74
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -116.331 (Highly bearish), while Hourly JPY Spot Index was at 84.714 (Bullish) at 0850 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
